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United States · Bill · S

S. 2119 (107th)

Reversing the Expatriation of Profits Offshore Act

openUnited States· United States Congress· EN

Introduced

11 April 2002

Last action

28 June 2002 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 465.

Sponsors

Sen. Grassley, Chuck [R-IA], Sen. Baucus, Max [D-MT], Sen. Dodd, Christopher J. [D-CT], Sen. Lieberman, Joseph I. [ID-CT], Sen. Wellstone, Paul D. [D-MN], Sen. Carper, Thomas R. [D-DE], Sen. McCain, John [R-AZ], Sen. Carnahan, Jean [D-MO], Sen. Miller, Zell [D-GA], Sen. Johnson, Tim [D-SD], Sen. Collins, Susan M. [R-ME], Sen. Harkin, Tom [D-IA]

Subjects

Taxation

Source updated

7 April 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Reversing the Expatriation of Profits Offshore Act - Sets forth the following conditions in which a foreign incorporated entity shall be treated as an inverted domestic corporation for purposes of taxation: (1) if such an entity acquires substantially all properties held by a domestic corporation or substantially all of the properties constituting a trade or business of a domestic partnership; (2)at least 80 percent of the stock (by vote or value) is held by former shareholders (or partners, in the case of a partnership) of the domestic corporation or partnership (with certain exceptions); and (3) if the "expanded affiliated group" lacks substantial business activities in its country of origin compared to its total activities. Sets specific rules covering "inversion gains" of certain "acquired entities" and party transactions of such entities not covered by the above provisions, including: (1) that taxable income of "inversion gains" of such entities cannot be offset; (2) that tax credits shall not be permitted to be used against tax on "inversion gains" of such entities; and (3) that such entities submit to the Secretary of the Treasury an annual prefiling, advance pricing, or other agreement specified by the Secretary. Establishes penalties for failure to make such agreements. Modifies limitation on interest deduction for such entities. Invalidates certain transfers of liabilities deemed to be aimed at avoiding the Act. Increases scope under which the Secretary may act to modify reinsurance agreements to take account of the amount of taxable income of each party. Defines "acquired entities, "inversion gain," and "expanded affiliated group."

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 11 April 2002

    Introduced

    Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2592-2594)

    Source: IntroReferral

  2. 11 April 2002

    Introduced

    Sponsor introductory remarks on measure. (CR S2592)

    Source: IntroReferral

  3. 11 April 2002

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 18 June 2002

    Reported

    Committee on Finance. Ordered to be reported with an amendment favorably.

    Source: Committee

  5. 28 June 2002

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 465.

    Source: Calendars

  6. 28 June 2002

    Reported

    Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. With written report No. 107-188.

    Source: Committee

  7. 28 June 2002

    Reported

    Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. With written report No. 107-188.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

6 official files

Reported to Senate (text)

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  • Reported to Senate (text)

    Reported to Senate · EN · 28 June 2002

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 28 June 2002

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  • Reported to Senate with amendment(s)

    summary · EN · 28 June 2002

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 11 April 2002

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 11 April 2002

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  • Introduced in Senate

    summary · EN · 11 April 2002

    Open at official source

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Sponsors

Related records

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Sources

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